There was neither. The Fed talked about economic growth slowing, but there was no rhetorical conviction behind their statements. They did not even say that the balance of risk had shifted toward a slowing economy.

Not surprisingly, the markets have sold off on this; the Dow, which was up about 35 points prior to the statement, is now down 144.

Still, many are arguing that while bonds seem to have been pricing in an increasing probability of a recession since August, the stock market has not behaved that way, despite the nosedive in financial stocks.

They note that the S&P 500 prior to the Fed statement was only 50 points (3 percent) from historic its October historic high.